I completely agree with you, Hugh.
Morgan Motor Company probably wouldn't have survived the 20th Century if not for its long waiting list. Peter Morgan kept annual production below 500 cars per year and every one of them was sold long in advance. As Peter Morgan said "It's not hard to sell Morgans, so long as you don't make too many of them".
The long waiting list allowed Morgan to avoid the vicious swings of the business cycle and to keep advertising expenses low. It also kept the prices of used Morgans high, which made it easier for existing owners to afford a new Morgan.
